Doubling down at AIG

The U.S. government is throwing money at the financial sector like nobody’s business. The latest salvo in this ridiculous affair comes in the form of more money for AIG. Rather than prattle on about how shambolic the U.S. bailout has become, I will defer to Yves Smith at Naked Capitalism who was on top of this story early this morning.

Read her post, AIG: The Looting Continues (Banana Republic Watch), and you get a sense that government is just throwing money at bankers with little thought as to how this leads to a systemic solution to our economic crisis. It will be quite interesting to see whether a change in administration has any impact on all of this.

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.